Rupee rises 2 paise to 83.25 against US dollar in early trade
rupee closed at 83.27 against the US dollar. However, a muted trend in domestic equities and sustained foreign fund inflows weighed on the investor sentiments. “The rupee is anticipated to maintain its strength, thanks to the ongoing support from domestic factors, which remain robust due to a promising demand outlook driven by major festivals," CR Forex Advisors MD Amit Pabari said.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Despite ongoing outflows from FPIs, consistent inflows in the debt market are offsetting any prevailing negative sentiment, Pabari added. Meanwhile, Brent crude futures, the global oil benchmark, was trading 0.13% higher at $79.64 per barrel on falling oil demand. Forex traders said the rupee is likely to track its Asian peers and remain range bound.
On the domestic front, the benchmark equity indices traded flat amid mixed global cues. The BSE Sensex fell 42.83 points, or 0.07%, to 64,932.78, while the NSE Nifty 50 eased 18.95 points, or 0.1%, to 19,424.55. According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital market on Wednesday as they offloaded shares worth ₹84.55 crore.
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